Perrigo Co. named president John Hendrickson as its new chief executive officer after the resignation and departure of Joseph Papa.
Hendrickson has been President since October 2015, after holding numerous management and operational leadership roles since joining in 1989, Perrigo said in a statement Monday.
Papa is in talks to join Valeant Pharmaceuticals International Inc., a person familiar with the matter said last week. Valeant said in March that Pearson would leave the drugmaker once a replacement was found, part of a broader overhaul that included adding activist investor Bill Ackman to its board.
Valeant shares rose 5.1 percent to $37.80 before the U.S. markets opened.